Cushman & Wakefield PLC (CWK) vs FirstService Corporation (FSV)

Cushman & Wakefield PLC and FirstService Corporation are both Real Estate Services companies. FirstService Corporation is the larger, with a market value of $5.8B against $2.9B — 2.0× the size. FirstService Corporation trades at the lower P/E: 36.3× against 41.9×. Cushman & Wakefield PLC grew revenue faster over the last twelve months: 11.0% against 3.12%. FirstService Corporation has the higher net margin (2.88% vs 0.64%) and the higher return on invested capital (9.59% vs 7.14%). Across the 22 metrics below, FirstService Corporation leads on 15 and Cushman & Wakefield PLC on 7.

Valuation

Metric CWK FSV Real Estate Services median
P/E 41.93 36.33 16.25
P/S 0.26 1.04 1.12
P/B 1.41 4.79 1.32
Price to free cash flow 11.44 17.39 13.29
EV/EBITDA 7.39 12.93 10.22
EV/Sales 0.46 1.25 1.16
Earnings yield 2.38% 2.75% 0.99%
Free cash flow yield 8.74% 5.75% (0.97%)

Profitability

Metric CWK FSV Real Estate Services median
Gross margin 18.13% 33.37% 26.81%
Operating margin 4.41% 6.22% 0.00%
Net margin 0.64% 2.88% 0.11%
Free cash flow margin 2.30% 5.99% 0.00%
Return on equity 3.52% 13.07% 0.94%
Return on assets 0.91% 3.70% 0.00%
Return on invested capital 7.14% 9.59% 0.00%

Growth

Metric CWK FSV Real Estate Services median
Revenue growth (TTM) 11.04% 3.12% 4.33%
EPS growth (last fiscal year) (32.14%) 6.73% —
Revenue growth, 5-year CAGR 5.58% 14.67% 4.05%
Net income growth, 5-year CAGR 0.00% 10.70% 0.00%

Health

Metric CWK FSV Real Estate Services median
Debt to equity 1.31 1.03 0.08
Current ratio 1.08 1.98 1.95
Net debt to EBITDA 3.02 1.72 0.54

Dividend

Metric CWK FSV Real Estate Services median
Dividend yield — 0.59% 1.33%
Payout ratio 0.00 0.29 0.00

Size

Metric CWK FSV Real Estate Services median
Market cap 2.88b 5.81b 218.52m

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